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Kirobo releases 'P2P Swap Button', enabling slippage-proof direct token swaps.
FREMONT, CA: Kirobo, a creator of blockchain technology, launches the 'P2P Swap Button.' The technology lets cryptocurrency holders conduct direct token swaps without utilizing an exchange or a custodial OTC party.
Users can avoid slippage by setting their token pricing and locating buyers off-exchange.
Asaf Naim, Kirobo co-founder, and CEO says, "The P2P Swap Button is the first decentralized, non-custodial solution allowing people to swap tokens without losing money. Exchanges will lower the price of your token according to how much you're selling, raise it according to how much you're buying, and charge you a fee for the privilege. Our new button lets users trade directly with each other, with their own prices, and with complete safety."
The P2P Swap Button employs a system that enables simultaneous two-way transfers while safeguarding transactions with an innovative authentication key, the components of which are split between the transaction's initiator, the Kirobo server, and the smart contract. This effectively eliminates the possibility of a breach.
The token swap market contributes to the sustainability of the blockchain ecosystem by attracting investment to new projects and allowing individuals to diversify their investments. Until today, the only way to safeguard against fraud in a two-way bitcoin transfer was to use an exchange or a custodial OTC party. One of the drawbacks of an exchange is that the act of selling cryptocurrency devalues it. As a result, vendors are compelled to offer a "discount."
The P2P Swap Button is a development of Kirobo's groundbreaking Undo Button, the world's first reversible transfer service. It safeguards the first party by requiring the second party to enter an authentication key to finalize the transfer of the payments. The method is similar to the P2P Swap Button, except that the second person must also sign the transaction, and the final stage is a two-way innovative contract-based transfer.
Both parties retain complete custody of their funds until the transfer is completed, and the first party includes the ability to cancel the trade and reclaim their assets until the proper passcode is received.
Before the swap can be concluded, the two parties must agree on a price to prevent the exchange-dictated slippage that ultimately makes swaps less profitable.
Additionally, the platform enables traders to agree on an execution time for the swap, allowing them to avoid paying high gas expenses by trading during off-peak hours.
The service, which is built on the Ethereum blockchain, is compatible with Ethereum and ERC-20 tokens. Kirobo makes no charge for the P2P Swap Button's use.
Tal Asa, Kirobo co-founder, and CTO says, "The P2P Swap Button allows users to benefit from better prices when swapping, while also enjoying the security of a bulletproof, non-custodial authentication mechanism. We expect the mechanism to give a real boost to the token swap market worldwide."
Based in Tel Aviv, Kirobo has obtained two grants from Israel's Innovation Authority, a feat not achieved by any other blockchain business. Its reversible transfer mechanism has already processed over $1.5 billion in bitcoin transfers and assisted consumers in reclaiming over $6 million from hundreds of canceled transactions.
Kirobo's objective is to make cryptocurrencies a reliable everyday tool that anyone can utilize. Kirobo accomplishes this with user-friendly technologies that eliminate the danger of human mistakes and fraud in cryptocurrency transactions, ensuring the highest level of security possible for crypto management. Kirobo is the proud recipient of two Israeli Innovation Authority grants—the only blockchain technology startup.